Stephen Dowicz: Why Financial Planning Matters

By Bob Oliver

When you earn a paycheck, the first thought that should go through your mind is, "How will I know that this is being used wisely?" This is where financial planning comes into the picture, and to say that it is an important process would be an understatement. With that said, there are many people that may be unfamiliar with how it should go. Here is some advice for the uninitiated that real estate investors such as Stephen Dowicz can provide.

The first step toward creating a financial plan is getting in touch with a specialist. There exists a bevy of financial advisers and consultants that can help you develop a strong understanding of your current situation. From there, you can learn about the utilities that you have to cover, not to mention the specific amounts of money needed to cover them each month. Planning matters, but you will be happy to know that you will not have to do it alone.

Did you know that financial planning can help with cash flow? If you work, it is probably a safe bet that you want to keep more of the money that you make. Fortunately, steps like careful budgeting and spending will help. Understand where your money is going and make proper adjustments to ensure that not too much is going out compared to what is coming in. This is yet another important talking point that will help others in the financial sense.

Another benefit of smart financial planning - and Stephen M. Dowicz will attest to this - is that it allows you to better understand investments in a broad sense. After all, there are many types that differ in their own ways. Can you differentiate an annuity from a college savings fund, for instance? If you can, you will be well on your way to making smarter investments, which will only help to keep you cash solvent in the future.

Even though financial planning is a continuous process, it is important to note that you are not without resources. This is evidenced by the fact that advisers can be consulted on a routine basis. Not only will this help you better understand your current financial situation, but it provides a good opportunity to learn more about finance in general. The more that you know about investing, the more comfortable your future will be.

About the Author:

Real Estate Investor Stephen Dowicz is a philanthropist and successful businessman in the spa sector. He has made several charitable contributions over the duration of his career and is an expert in private equity endeavors.. Check here for free reprint license: Stephen Dowicz: Why Financial Planning Matters.